Approximately 43 million student loan borrowers in the United States owe a collective nearly $1.75 trillion in federal and private student loan debt as of August 2022, according to the Federal Reserve Bank of St. Louis. But when you look at the average amounts owed, the case is crystal clear: Student debt is overwhelmingly an investment in professional credentialization that should never have been a obligation of the taxpayers in the first place.
There needs to be a to-be-abolished list and any federal government institution with the word agency, department, or bureau needs to be on it. The last few years have shown us the power of these institutions and the devastation they can cause. The only sure way of preventing it from happening again is to put a hard stop on all the bureaucracies that caused our suffering. Society itself, which is smarter than bureaucracy, can manage the rest.
How many people on the planet have now been acculturated to top-down control, socialized to live in fear, accept whatever comes down from above, never to question an edict, and expect to live in a world of rolling man-made disasters? And was that the point after all, to breed low expectations for life on earth and relinquish the soul’s desire for a full and free life?
These troubles came about with the beginnings of lockdowns based on the outrageous presumption that “the economy” could be turned off and then turned on again. In so doing, governments privileged some and harmed others, creating a caste system based on skills and technologies, and then, eventually, vaccine status.
It’s the reason why the real economy is faltering and stagflation has become embedded: To wit, the gains in nominal income are being more than eaten up by soaring prices, paving the way for the worst bout of high inflation and falling real growth since the 1970s.
The story about the mass production of air conditioners is that what were once status symbols are now common. Crucial here is that people got very rich making air conditioners common. It’s how the world works. Or at least how to grow rich in the world. The best way to become very well-to-do very quickly is to produce in abundance, and at low prices, what used to be scarce and nosebleed expensive.
The Fed is driving the recession at a time when the ruling class has decided that the rest of us should be poor and hungry, driving Flintstone cars and foraging for food. The result, for now, is shocking stagflation. But we don’t even have a word yet for what might be coming. Depression is already used. How do you describe high inflation plus a manufactured depression?
More negative pressure on farmers and the food system is asking for a catastrophe. The immune system of many people, especially children, has lost its resilience and has weakened too far with high risks for intoxication, infections, non-communicable and infectious diseases, deaths and infertility. Dutch farmers, of whom many will face a cost of living crisis after 2030, have drawn the line. They are supported by an increasing number of farmers and citizens worldwide.
Bad governance is to blame (or too much governance), namely an ill-advised fertilizer ban which stoked a severe food shortage and export drought. Combined with the debt servicing pains as central banks around the globe tighten policy, it’s nothing short of a disaster.